HDFC full form – What is HDFC – Vision,Missions,Values,FAQs ? Explained

 HDFC full form

HDFC Full Form – What is HDFC ? It  is a subsidiary of Housing Development Finance Corporation headquartered in Mumbai, Maharashtra. It has a base of 1,17,000 permanent employees as of 21st March 2020.

HDFC full form is mentioned below :

 

Housing Development Finance Corporation

FAQs on HDFC Bank: All You Need To Know

 

What is HDFC Bank?

HDFC Bank was incorporated on 19th April 1986 and went public on 24th April 1986. HDFC Bank has been named as India’s Best Bank by the Mint 500 based on its performance in various parameters for the years 2014-16. Why is HDFC Bank a great bank? It is the first private sector bank to be fully owned by the Government of India. HDFC Bank is considered as one of the most efficient bank with a controlling NPA. How can you take part in HDFC Bank? For learning and understanding our unique banking facilities, join HDFC Banks.

 

The Bank’s Vision :

1. Innovation.

2. Quality of Service.

3. Stewardship.

4. Skill Development.

5. Digitization.

6. Innovation in new products and services.

7. Leverage on HDFC’s brand positioning and broad outreach.

8. Customer Centricity.

 

What is the Bank’s Mission?

The Bank’s core objective is to help its customers make their financial dreams come true by helping them make their highest interest rate, not their highest spend. The Bank strives to help customers leverage their financial strengths, boost their buying power, earn more for their money, invest for a better tomorrow. HDFC Bank’s vision is “To be the preferred choice for customers’ financial solutions by helping them leverage their financial strengths, to make their highest interest rate, not their highest spend”. How to open a personal account with HDFC Bank? To open a personal account with HDFC Bank, a customer should have a Permanent Account Number and should deposit a minimum of Rs. 10,000 in the Bank’s ATMs.

 

The Bank’s Values :

1. Core Values – Achieving Excellence – Foster an environment where people come together to deliver excellence in customer service.

2. Corporate Social Responsibility – Making a difference to our communities.

3. Customer service excellence – to deliver consistent and unparalleled levels of customer service.

4. Service Excellence – The joy of serving our customers.

5. Ethics and Service Integrity – To deliver uncompromising service and commitment to the highest standards of integrity.

6. Innovations and Innovation – To be at the forefront of innovation and delivery of new services to our customers.

7. Continuous improvement – Continuous improvement of the delivery of value to our customers.

8. Communication and community engagement – We are customer-centric.

 

FAQs about HDFC :

What is the name and address of the franchisee? HDFC Bank has three recognised banks under its franchise in India which is HDFC Bank Ltd., HDFC Bank (Uttar Pradesh) Ltd., and HDFC Bank (Jammu & Kashmir) Ltd. What are the opening hours? The branch’s opening hours are as follows: Monday to Friday 9:30 AM to 5:00 PM Saturday and Sunday 9:30 AM to 1:00 PM How can I open a new bank account? 1. Firstly, make sure that your account is KYC (Know Your Customer) compliant before opening a bank account with HDFC Bank. You can open a savings bank account, a current account and a recurring deposits with HDFC Bank. 2. HDFC Bank usually has the maximum number of HDFC Bank Rewards Points which makes it easy for you to make withdrawals and deposit cash with HDFC Bank online or through a branch.

  • HDFC Bank is the India’s largest private sector bank by assets.
  • HDFC Bank was started in 1994,by its registered office in Mumbai, India
  • HDFC Bank provides a number of products and services including wholesale banking, retail banking, treasury, auto loans, two-wheeler loans, personal loans, loans against property, consumer durable loan, lifestyle loan and credit cards.

 

Conclusion :

HDFC Bank Limited is the largest private sector bank in India with total assets of USD 75.9bn and a deposit base of Rs 4,43,848.4 crore. It has total branches in 1346 cities across India as of March 2016. The bank is present in 100 countries across the world. It has a foreign presence in 21 countries across the globe. The bank is listed on BSE, NSE, Hong Kong Stock Exchange, Dubai Financial Market (DFM) and Australia Stock Exchange. It is among the blue-chip companies on the Bombay Stock Exchange.

ATM full form | What is ATM-Working, PIN,Safety,ATM Card Explained ?

ATM full form 

ATM Full Form -What is ATM ? It is a cash machine that allows you to withdrawl your money from your bank account wihtout going to bank. ATM  is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, Such as cash withdrawals, deposits, funds transfers, or account information inquiries, at any time and without the need for direct interaction with bank staff. 

ATM Full Form is mentioned below :

Automated Teller Machine

What Is An ATM Machine?

The ATM machine was operational in 1966.You need an bank authorized ATM card with a PIN to withdraw money directly from your bank account.The idea of generating a PIN lock  stored on the card was developed by a group of engineers working at Smiths Group in 1965.

 

What is an ATM machine?

The “artificial flesh” ATM was developed by Brian Carpenter, John White and J.C. Watson from United States of America in 1967. The machine allows you to withdraw money without a bank account. This means it is a money exchange. Currently, the automated teller machine can be found all over the world and there are thousands of machines in Kenya. How do you pay for things with an ATM? An ATM Machine is usually accessed by tapping in your card PIN at a machine and using an interface to read and key in the transaction. You will get an authorization code which you will have to enter on the interface before you get your cash.

 

What does an ATM machine do?

To use an ATM, you usually fill in your personal identification number (PIN). You hold the card in your hand and enter the PIN. The ATM will beep if the PIN has not been entered correctly. You receive your money from your bank account. However, in some countries, some methods can be used to trick the machine and try to withdraw money by other means. How to Avoid Credit Card Theft Modern ATMs protect your card PINs with a separate lock. To open this lock, you must have your PINs. You can always enter the PIN into the machine and it will unlock the lockout, but be careful, for some machines this information is not protected. Be aware of this possibility and don’t leave your credit cards at the machine. Instead, get into the habit of keeping them on the front of your wallet or purse.

 

How do ATM cards work?

When you walk up to an ATM, there are two buttons: An “OPEN” button that activates the machine A “CLOSE” button that stops the transaction The machine scans your card, deposits funds into your account, and returns the card. You then pay the balance to the merchant’s account. As an extra precaution, ATM card data has to be stored in some way or encrypted. The recipient of the transaction uses a decryption key to retrieve the money from the card, and the data is then destroyed. “ATM interchange fee” ATM interchange fees are paid to the bank issuing the card. It’s the cost that the bank is charged for the transaction.

 

How does an ATM machine know your PIN?

An ATM machine uses your credit card PIN as a security feature. If someone steals your credit card from your wallet, they cannot steal your PIN. When you insert your credit or debit card, the transaction is authorized if the signature on the back of your card matches the signature on the front of your credit card. In this case, you have an old account and the new bank is trying to withdraw money from the old account. An ATM card issuer has the right to refuse the transaction because you have an old card. In such cases, the transactions are usually declined or stopped. You cannot access your ATM card until the transaction is complete. The transaction cannot be completed because the PIN is incorrect. Why are ATM machines called ‘cashpoint’?

 

What is an ATM card?

It is a plastic card similar to your driver’s license that allows you to withdraw money from your bank account using an ATM machine. The card stores your PIN and signature information and is issued by your bank. What is an ATM PIN Lock? The PIN lock is a mechanism that can be installed by your bank. The ATM card issued by your bank has to be signed using your ATM PIN lock by an authorized person. How to Install ATM PIN Lock on Your ATM Card? You have to contact your bank and make an appointment with the bank representative to install the lock on your ATM card. An authorized person has to authenticate with your bank when you sign your ATM PIN lock with a magnetic strip on your card.

Conclusion

Keep in mind that there are countless ATM devices in existence today, with different features and functions, but the ATM machine was pretty much a revolution for the entire banking industry, and it still has the power to influence money as we know it today. It’s difficult to tell how much money the ATM machine contributed to the global economy, but one thing is for sure: if it was not for the ATM machine, who knows how many products and services we would all be using today?

 

KYC full form -Full Form of KYC | Full Form World

 KYC full form

KYC Full Form– What is KYC ? It is a Bank related term. It is a kind of verification of the documents of Account holder done by the bank.Bank holder has to submit all his required documents to the bank to clear hi bank account opening and further transactions.

 
 KYC full form is mentioned below :
 
Know Your Current

What Is KYC and Why Do Banks Care?

 

What is KYC?

KYC stands for Know your customer KYC in simple words is like basic sign in to a website. The main objective of KYC is to ensure all of your information is correct and genuine. In simple terms KYC is a simple process for banks to do biometric verification of a client on a regular basis. And it will also verify if the client has any illegal activities, which will be called Anti-Money Laundering (AML). How is KYC performed? The KYC process should be done at multiple stages – Deposit Gates – Number Plates – Biometric Verification – Voice Verification – Soil Analysis And after all these phases any client can be allowed to open the account. How is KYC related to Privacy? Well there are different kinds of privacy related laws in different countries that applies to all this process.

 

Why do banks care about KYC?

In order to keep the records clean and preserve customer information safe, every bank always tries to identify the customers so that they can report any kind of fraudulent activity. Because of such stringent security standards, bank data security becomes a huge concern for each bank. While the other authorities involved with your account (IRS, Pension Fund Administrations, Auditors etc.) would also keep an eye on your financials, banking officials are a different group. Because they have access to all your transactional and banking details, they would automatically be the first to know about any fraud and alert you about the same. Also, if there are illegal activities going on at your account, the banking official will take action without having to go to other authorities involved.

 

What are the common documents required for KYC?

– Report of income/employment – Aadhaar Card/ Digit account statement – Two passport size photographs – Address proof – Bank passbook – Deposit slip – Account manual – Bank Statement for last two years – Bank statement for other bank accounts – Bank statement for investments – Utility bills for the last 6 months – Bank statement for other bank accounts Why Do Banks Care about KYC? Every bank has its own KYC rules. So the rules are different for every bank. However, the KYC rules can be simpler for some banks than others. For instance, opening of the bank account in HDFC Bank for a person with no income for the last six months and Aadhaar card/Digit account statement is very easy.

 

Conclusion :

Bank account opening and closing are the most common and popular task in India.

NEFT full form | What is NEFT-Working,Charges ?Explained

 NEFT full form

NEFT Full Form– What is NEFT ? It is banking related term used for transactions of money . It is a one-to-one payment facility.Many of the buisnessmen, govenment and many other uses it for there transactions.

Most of the people are unaware about the full form of NEFT
So, NEFT full form is mentioned below :
 
National Electronics Fund Transfer
 

What Is NEFT? Easy, Step-by-Step Guide to NEFT Transfer

It is banking related term used for transactions of money . It is a one-to-one payment facility.Many of the buisnessmen, govenment and many other uses it for there transactions.

Introduction :

The National Electronic Fund Transfer (NEFT) is a government issued Electronic Fund Transfer (EFT) facility run by the State Bank of India (SBI) and several other banks. Although most of the retail payments are in cash, NEFT makes it possible for small-value transactions to be done digitally. This facilitates online banking for all customers and thus reduces wastage of cash. What is NEFT? NEFT is a standardised Interbank Transfer (IET) mechanism that enables customers to transfer money to their respective banks in one to one manner. This service is widely accepted by the customers. NEFT allows an average transaction size of Rs.15000/- per transaction. It is very popular among the small and medium-sized businesses (SMBs).

 

What is NEFT ?

If you want to transfer money from one bank to another bank with NEFT, here is a step-by-step guide: You need to first complete a transaction in one bank. You send NEFT request to the other bank and you know that the other bank has received it. A log entry is made in the POS machine with NEFT done. A number is shown in the log as transferred in your account. You check the history in the POS machine and notice that you have been credited in your account. You complete your next transaction with NEFT. This is How it Works NEFT is a one-to-one (paper money transfer) from one bank to another bank. The money is credited in the account of the other bank as and when the request is done. The money is not taken from the account of the sender bank.

 

How to do NEFT :

Create New Account : This step is very important for to complete the process. To create a new account you can do it from the field of Interests. It can be the field where you select your bank. In our case I am showing my Bank name as ICICI Bank. It can be for One Time Debit or One Time Cash Transfer. Enter the Account Number, in example- Like number of account is 12513181229. Select the Unit of Payment to be NEFT, In Example- Rs.1000 It is case for both UTI- NEFT and SBI- NEFT. For example For both SBI and UTI, You should select “RBI NEFT Charges”. (for example for SBI) Just fill in all the details including P2P NEFT add details, and Send. When you will get some information about entering the PIN. The PIN should not be the same as your ATM PIN, which you have in your mobile phone.

 

NEFT Charges :

If the currency has to be transferred from one bank to another bank then the charges are same. For transfer from a bank to the recipient bank, there is 1 paisa per 1 rupee, if the transfer is made between two local bank and it is to the other bank then the charge is also 1 paisa per rupee and also if you are transferring the amount more than 200,000 rupees then there is one paisa per rupee charge. But if the transfer is between two Indian banks to the other country, then the charges are more.

Transfer Charges – How It Works? There are two types of NEFT transfer. One is Intra State NEFT Transfer and the other is between bank to bank. In intra state NEFT transfer, the bank has to transfer it to the recipient bank itself or even to some of the agent banks.

 

FAQS about NEFT :

  • Funds can be transferred via NEFT, by adding beneficiaries on the internet banking portals of the required bank.
  • NEFT timings for Monday to Friday are 8 am to 6:30 pm, and for Saturdays, it is 8 am to 12 pm.
  • NEFT transactions can be made only across NEFT-enabled banks.
  • There are no restrictions on the minimum and maximum amount of transactions that can be made with NEFT.

Conclusion :

By and large, people today prefer this type of transfer of money by payee than it in charge of bank for doing it.In this competitive world, all of us have to compete with other businessmen to make more and more profit. Most of the entrepreneurs think of money transfer from one to other, which is a very slow process in this case. This is a simple way to get money faster and faster. Not all of the bank branches in this country offers it to their customers.If you are not aware of this type of transfer system, then you should contact your nearest bank for this facility.

Reference:  bharatbook.com